Crude prices continued to fall on Monday, with the WTI and Brent month-ahead price closing over 1% lower to start the week. The decline was linked to Saudi Arabia making the largest cuts to its official selling price to Asia in five months – indicating weak demand. Continued doubts over a recovery in oil demand due to rising Covid-19 cases globally also weighed on crude prices.
European gas prices fell, settling below USD 4/MMBtu for the first time in two days. The front-month UK NBP price fell by 3.9% with the Dutch TTF marker closing 3.8% lower.
The Labor Day holiday in the US on Monday meant front-month Henry Hub and JKM remained unchanged, with the month-ahead AP12 coal contract unchanged.
Front-month futures and indexes at last close with day-on-day changes (click to enlarge):
Time references based on London GMT. Brent, WTI, NBP, TTF and EU CO2 data from ICE. Henry Hub, JKM and API2 data from CME. Prices in USD/MMBtu based on exchange rates at last market close. All monetary values rounded to nearest whole cent/penny. Text and graphic copyright © Gas Strategies, all rights reserved.